The objectives of this initiative are to demonstrate the feasibility of using market-based instruments and to provide incentives to firms to seek technological innovation, phase out Ozone Depleting Substances (ODS) and minimize conversion costs. Some characteristics are auctions with bidders from several sectors, variable cost-effectiveness thresholds as well as targeted assistance provided to Small and Medium-scale Enterprises (SMEs).
The result is increased ownership of the phaseout process by enterprises, and a shorter project life cycle. The program addresses numerous sectors simultaneously with limited funds without compromising overall cost-effectiveness, ensures equity and highlights necessity of a supporting regulatory framework and simple project design.
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